Garbage Collection Trucks Market Size Analysis
Garbage Collection Trucks market size is estimated to be valued over US$ 6,630 Million in 2018, registering a CAGR of 4.9% between 2018 and 2028.
Garbage trucks collects waste and safely disposes it to landfills or places where waste materials are managed. In the last few years, competition has increased significantly owing to market maturity and high scale disruptive forces. Companies are actively enhancing the fleet size and bringing technological advancement to ensure long term sustainability.
Demand for refuse trucks will increase during the forecast period owing to increasing municipal waste. According to the World Bank, total municipal waste generation is 1.3 billion tonnes annually. It is expected to double by 2025. Higher urbanization rate, rise in population and changing lifestyle has led to increase in municipal sewage waste. Increase in MSW will accelerate the sales of garbage trucks market worldwide.
Electric Garbage Trucks Market to Revive Revenue Growth for Industry Players
While conventional garbage trucks will continue to dominate the sales, favorable government policies, product innovation and push for environment sustainability will create favorable business prospect for electric garbage trucks. It is estimated that by 2025, over 65% of new truck sales will be electric-based. While the system installation comes at a higher costs, product innovation and emergence of newer battery technology will lower the upfront costs by 39% by 2025. As such, electric garbage trucks market demand will significantly increase in another ten years.
Among sub-segment, front loaders will dominate the global share. These are mainly used industrial purposes. These vehicles are generally big in size with large containers. Over 55% of municipal trucks are front loaders.
Garbage Collection Trucks Market Value Analysis, By Vehicle
By vehicle, garbage collection trucks market revenue is analyzed across conventional and electric based refuse trucks. It is further evaluated across front loaders, rear loaders, automated side loaders, pneumatic collection and grapple trucks.
As of 2018, conventional trucks accounted for 99% of total sales worldwide and will continue to hold market dominance for another ten years. However, electric garbage collection trucks market will register highest gain in market share in next ten years. Early adopters will be able to capture a major chunk of untapped market. Moreover, players will be able to build brand presence in newer technology. Already many companies have forayed in the market to ensure long term sustainability. New entrants are expected to emerge in next ten years.
Global Garbage Collection Trucks Market Share Analysis, By Application
Over 67% of garbage collection trucks are used for municipal services, followed by industrial and residential purpose. While the market is organized in North America and Europe, it is highly disorganized in Asia Pacific.
Global Garbage Collection Trucks Market Size and Forecast: Regional Analysis
North America garbage collection trucks will dominate the global share. There are many fleet operators in the region catering their services to municipal bodies and industrial sectors. Stringent regulation and government subsidy has helped the market to grow at impressive rate. Every year, over 270 million of trash are produced in North America. The waste generation is increasing at an alarming rate of 2.5% in the region. This has led government bodies to follow stringent measures. Garbage trucks is an important part of industrial waste management systems. As such, the demand will continue to rise over the forecast period.
North America is the pioneer in electric garbage truck systems. In 2012, Motiv Power Systems and Wrightspeed were contracted by City of Chicago to design first sets of electric refuse systems. In 2016, Sacramento added all electric refuse trucks to its fleet. Similar such development is expected to take place in near future.
Global Garbage Collection Trucks Market Size and Forecast: Competition Landscape
Some key Garbage Collection Trucks market players are:
- Motiv Power Systems
- Bridgeport Manufacturing
- Scranton Manufacturing Corporation, Inc.
- Dennis Eagle Inc.
- Pak-Mor Ltd.
- Ceec Trucks Industry Co., Ltd.
- Curbtender, Inc.
- Heil – An Environmental Solutions Group Company
- McNeilus Truck & Manufacturing, Inc.
- FAUN Umwelttechnik GmbH & Co.KG
- Fujian Longma Environmental Sanitation Equipment Co., Ltd.
- Labrie Enviroquip Group
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- EZ-Pack Refuse Hauling Solutions, LLC
- Dongfeng Motor Corporation
What Will You Discover in the Report?
- An in-depth analysis of the Garbage Collection Trucks market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Garbage Collection Trucks market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Garbage Collection Trucks market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Garbage Collection Trucks industry during the forecast period
- Who are the Garbage Collection Trucks industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Garbage Collection Trucks Industry Suppliers
- Garbage Collection Trucks Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
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